The article provides updates on the $1,400/Person + $3,600 CTC Payment for Americans eligible for the America Rescue Plan, aimed at alleviating financial burdens.
The American Rescue Plan increased the CTC for children under six to $3000 in 2021, making the entire credit refundable, but this enhancement was reversed in 2022.
Single individuals must earn less than $75,000, joint tax filers must earn up to $150,000, and the head of the household must earn no more than $112,500.
The American Rescue Plan offers income tax credits for individuals without children, with the Child Tax Credit (CTC) available for children over 6 and under 6 years old, and the age limit has been adjusted to 17 years.
The CTC requires households to meet certain criteria, including a child's valid Social Security Number, being under 17 before tax year ends, living with applicant for over half year, and not providing more than half.